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    TRQ   CA9004352071

TURQUOISE HILL RESOURCES LTD.

(TRQ)
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Turquoise Hill Resources : Quarterly Financial Report for the Three Months Ended March 31, 2021

05/12/2021 | 06:48pm EDT

TURQUOISE HILL RESOURCES LTD.

First Quarter Report

March 31, 2021

Financial Statements and MD&A

Turquoise Hill Resources Ltd.

Condensed Interim Consolidated Financial Statements (Unaudited)

March 31, 2021

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Income

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended March 31,

Note

2021

2020

Revenue

4

$

526,546

$

130,659

Cost of sales

5

(155,644)

(145,924)

Gross margin

370,902

(15,265)

Operating expenses

6

(56,488)

(44,911)

Corporate administration expenses

(13,043)

(4,717)

Other income (expense)

20

(13,177)

3,218

Income (loss) before finance items and taxes

288,194

(61,675)

Finance items

Finance income

7

1,290

11,412

Finance costs

7

(1,635)

(1,809)

(345)

9,603

Income (loss) from operations before taxes

$

287,849

$

(52,072)

Income and other taxes

44,300

71,028

Income for the period

$

332,149

$

18,956

Attributable to owners of Turquoise Hill Resources Ltd.

236,715

45,181

Attributable to owner of non-controlling interest

95,434

(26,225)

Income for the period

$

332,149

$

18,956

Basic and diluted earnings per share attributable

to Turquoise Hill Resources Ltd.

$

1.18

$

0.22

Basic and diluted weighted average number of shares outstanding (000's)

17

201,231

201,231

The accompanying notes are an integral part of these consolidated financial statements.

2

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Comprehensive Income

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended March 31,

2021

2020

Income for the period

$

332,149

$

18,956

Other comprehensive income (loss):

Items that will not be reclassified to income:

Changes in the fair value of marketable securities at FVOCI

2,256

(1,375)

Other comprehensive income (loss) for the period (a)

$

2,256

$

(1,375)

Total comprehensive income for the period

$

334,405

$

17,581

Attributable to owners of Turquoise Hill

238,971

43,806

Attributable to owner of non-controlling interest

95,434

(26,225)

Total comprehensive income for the period

$

334,405

$

17,581

  1. No tax charges and credits arose on items recognized as other comprehensive income or loss in 2021 (2020: nil). The accompanying notes are an integral part of these consolidated financial statements.

3

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Cash Flows

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended March 31,

Note

2021

2020

Cash generated from operating activities before interest and tax

16

$

248,236

$

1,495

Interest received

1,175

11,831

Interest paid

(26,511)

(26,822)

Income and other taxes paid

19

(356,123)

(10,951)

Net cash used in operating activities

$

(133,223)

$

(24,447)

Cash flows from investing activities

Receivable from related party: amounts withdrawn

18

-

307,000

Expenditures on property, plant and equipment

(250,287)

(301,096)

Purchase of commodity put options

(29,907)

-

Other investing cash flows

-

63

Cash generated from (used in) investing activities

$

(280,194)

$

5,967

Cash flows from financing activities

Proceeds from bank overdraft facility

8,500

-

Payment of lease liability

(129)

(1,907)

Cash generated from (used in) financing activities

$

8,371

$

(1,907)

Effects of exchange rates on cash and cash equivalents

(42)

16

Net decrease in cash and cash equivalents

$

(405,088)

$

(20,371)

Cash and cash equivalents - beginning of period

$

1,123,621

$

1,651,985

Cash and cash equivalents - end of period

718,533

1,631,614

Cash and cash equivalents as presented on the balance sheets

$

718,533

$

1,631,614

The accompanying notes are an integral part of these consolidated financial statements.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Turquoise Hill Resources Ltd. published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 22:47:00 UTC.


© Publicnow 2021
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Sales 2021 1 821 M - -
Net income 2021 518 M - -
Net Debt 2021 3 437 M - -
P/E ratio 2021 6,44x
Yield 2021 -
Capitalization 3 357 M 3 360 M -
EV / Sales 2021 3,73x
EV / Sales 2022 4,96x
Nbr of Employees 3 093
Free-Float 49,2%
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Average target price 18,76 $
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Steeve Thibeault Chief Executive Officer & Director
Luke Colton Chief Financial Officer
Robert Peter Charles Gillin Chairman
Jo-Anne Dudley Chief Operating Officer
Russel C. Robertson Independent Director
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